- You have Accepted an Offer on Your Home. Congratulations!
- The Buyer’s Earnest Money Check will be taken to the Escrow Company usually by the Buyer’s agent. The check will be cashed and proceeds recorded in the Buyer’s Escrow Account.
- The Buyer’s Agent will schedule the Buyer’s Inspections. They may choose to have a number of different inspections and we will need to make sure the home is available and all utilities are on.
- Within 5 days of Acceptance, you need to provide a Seller’s Property Disclosure Statement (SPDS) and an insurance Claims History Report (CLUE) to the Buyers.
- After the Buyer’s Inspections, the Buyer will have an opportunity to ask you to make repairs or they may cancel the escrow if they are not satisfied with the condition of your home. This typically needs to happen within the 10 days after the offer acceptance date or according to contract.
- Once you have successfully negotiated through the repairs, the next step will be to complete an appraisal on the home, which is scheduled by the Buyer’s Lender. This will typically take about 10 days to complete. Cash buyers do not have to have an appraisal, but all buyers obtaining a loan will be required by their lender to have one. This is paid for by the buyer.
- Any repairs that you agreed to make will need to be completed prior to the closing of escrow and copies of all receipts for the work done will need to be provided to your agent who will send them to the Buyer’s Agent. It is best to start repairs as soon as possible. Your agent can assist you by providing a list of vendors.
- You will receive a set of forms from the Title Company in the mail that you will need to fill out and return. These will ask you for your loan payoff amount and several other important things that the escrow company will need to know in order to complete our escrow. If you have any questions about those forms, it is best to call our escrow officer directly and ask them.
- Once the appraisal is received by the Buyer’s lender, their loan paperwork will go to the underwriting department to complete their loan. Once their loan is done with the underwriting audit, the Buyer’s will have full loan approval and their file will move to the lender’s closing department, where they draft all the documents the Buyer’s will sign and send them to the escrow company.
- Once the escrow company has your documents prepared, we can schedule your signing
appointment. This will be at the escrow company. You will need to bring a photo ID for their notary book and plan for your appointment to take about a half hour. Your agent should be there with you and the Buyers will sign at a different time. We like to explain clearly that signing and closing are not the same and will not occur on the same day. Typically we are waiting for the Buyers and their lender to have all of their funds to the escrow company and then the escrow agent will record the deed with the county and the transaction is closed.
- We will need to arrange to give the Buyer’s all your keys (including mailbox, pool, etc.) and
garage door remotes upon closing. Your agent will arrange to get these to the Buyer’s agent
on your behalf.
- You will also need to be completely moved out upon closing. Please be sure to coordinate
with your agent if you encounter any problems with your timing. The Buyers will typically
have a final walk-through inspection of the home a few days before closing to make sure all
repairs are done to their satisfaction and we will need to make the home available to them
for this purpose and all utilities need to be on.
- Once all funds are received and all parties have signed, your home will close and you will
have officially sold your home. Congratulations!